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Common use of Electronic Transfer Clause in Contracts

Electronic Transfer. Where the Trustee attempts to make a payment to a Unit Holder by electronic transfer of funds or any other means and the transfer is unsuccessful, the Trustee: (a) must notify the Unit Holder that the transfer was unsuccessful and seek a direction as to how the payment should be made; (b) must comply with that direction; and (c) if the Unit Holder fails to provide a direction, may either: (i) hold the money for the Unit Holder; or (ii) pay the money in accordance with the legislation relating to unclaimed money.

Appears in 4 contracts

Samples: Reference User Funding Agreement (Rufa), Trust Deed, Trust Deed